Sagoon enters into an agreement for a $5 Million investment with HT Overseas

“Sagoon: Connect, Share and Earn”. The name of the app that for some of us is something unheard of. Basically, Sagoon is an app that claims to be the future of social media. It is a social e-commerce platform mostly focused on South Asian users.

Recently, Sagoon announced to have entered into an agreement for a $5 Million investment from HT Overseas Pte Ltd (HT Singapore). HT Media Limited happens to be one of India’s oldest and largest media companies. The company runs several newspapers in multiple languages and a few FM stations too. This collaboration is expected to allow Sagoon to not only help financially but also gain exposure in the Indian market. And the figures of the number of people to be joining this venture are supposed to be a whopping 460 million.

“It is going to be the real game changer because nowhere on the host of other social media platforms do users automatically receive an online shopping card that allows them to earn money, spend money, redeem coupons and gift others. The Social Smart Card can be used to purchase goods online, send gifts or shop in a retail location”.

Started as a web-based platform, since the launch of the Sagoon app on Play Store in January, the app is getting popularity with the number of downloads reaching 560,000 and the family is supposedly a large one with 1.6 million members using it. Sources say that they are constantly working on the iOS app as well, which will supposedly hit the AppStore by mid-year.

Sagoon’s Android app was launched this year at New Delhi. Image: Sagoon

The co-founder of the company Swati Dayal stated that it’s the Social Smart Card — which will be launched later this year — that will set them apart from the competition. “It is going to be the real game changer because nowhere on the host of other social media platforms do users automatically receive an online shopping card that allows them to earn money, spend money, redeem coupons and gift others. The Social Smart Card can be used to purchase goods online, send gifts or shop in a retail location” she explains.

With the vast majority of people, plenty of concepts, and a plethora of apps and websites that they want to see, the number of sources an average user is exposed to is simply overwhelming. While some ideas are great, the crowd that it’s meant to address doesn’t take an interest in it. Sagoon has proven to be a mixture of great ideas and by far the journey has been going great. However, only time will tell if it reaches new heights. If you feel like it’s something you’re interested in, you can visit Sagoon’s website or download the app on your Android device.